Group 1 - The company held its 13th meeting of the 6th Board of Directors on February 5, 2026, with all 9 directors present, and the meeting complied with relevant laws and regulations [2][4]. - The Board approved a proposal to provide a performance guarantee for the lease of an industrial plant for its overseas subsidiary, CFMOTO MEXICO POWER, S.DE R.L.DE C.V. [3][10]. - The total amount of guarantees provided by the company and its subsidiaries will not exceed $82 million, equivalent to approximately 574 million RMB [8][15]. Group 2 - The guarantee is necessary for the subsidiary to successfully lease a local plant for production, which is a condition set by the lessor [15]. - The company has control over the subsidiary's operations and finances, making the guarantee risk manageable and not detrimental to the company's or shareholders' interests [15]. - As of the announcement date, the company has not provided guarantees to external entities outside of its consolidated financial statements, nor to its controlling shareholders or related parties, and there are no overdue guarantees [16].

◎记者 张骄 近期，国际贵金属市场风云变幻，黄金、白银在暴跌后迅速反弹。 伦敦现货黄金曾重回5000美元/盎司，但在2月5日又急转直下，一度失守4800美元/盎司关口。伦敦现货 白银近期波动更为剧烈，单日盘中一度大跌超30%，也一度大涨超10%。2月5日，伦敦银高台跳水，盘 中重挫超17%，随后跌幅有所收窄。 如此大涨大跌，凸显出贵金属领域当前的极端不确定性。不少市场参与者认为，引发本轮走势的"沃什 交易"逻辑仍未完全消化，金银价格尚未企稳，下行风险犹存，市场正处于激烈的博弈状态。 当下，短期和长期投资者的策略差异和投资故事，进一步勾勒出当前市场的结构特征。 杠杆散户遭阻击 偏"鹰派"的凯文·沃什被提名为下任美联储主席的消息给市场泼了一盆冷水，但风险警报在此前就已拉 响。复盘来看，华西证券首席经济学家刘郁在研报中称，贵金属的下跌始于提名消息落地前（1月29日 晚），更多是多头过度拥挤后的修正。 "做梦都是金价跌了。"黄金投资"新玩家"张女士向上证报记者表示，她在1010元/克的价位补仓黄金 后，眼见着金价这两天涨到1100元以上，果断止盈。"暂时落袋为安，等回调再买，相当于在黄金上做 T了"。 去年尝过"甜头 ...

◎记者 高志刚 郭成林 进入2026年，海尔集团的资本列车全面提速。 近日，海尔集团旗下的工业互联网平台卡奥斯向港交所递交上市申请，启动港股IPO进程。同时，聚焦 绿能与储能的海尔新能源也已完成上市辅导备案。若这2家公司顺利登陆资本市场，"海尔系"资本版图 将扩容到10家上市公司，总市值有望突破3500亿元。 这一系列动作清晰表明，在"智慧住居"和"大健康"两大成熟赛道之外，海尔正加速落子第三大主赛 道"数字经济"。从以卡奥斯为代表的工业互联网平台，到以海尔新能源为核心的绿色能源体系，海尔集 团正加速构建面向未来的产业生态。 "海尔早已超越单一产品公司范畴，通过'上市公司集群'构建跨产业的生态协同力。卡奥斯与海尔新能 源的双轮驱动，正是为整个海尔生态乃至外部产业提供数字化底座与可持续能源支撑的。这些年，海尔 系的核心战略'无界生态'从理念加速落地为实绩。"一位长期跟踪海尔集团的投资人告诉上海证券报记 者。 "没有成功的企业，只有时代的企业。"海尔集团董事局主席、首席执行官周云杰曾在回复上证报记者时 说，"海尔就是要积极踏准时代的节拍，'应变重生'。" 两大板块接连冲刺IPO 1月30日，卡奥斯正式向港交所递交 ...

主要指数月度走势 主要指数占对应市场市值比例 沪深300十大权重 中证分类债券指数月度走势 沪深300行业指数月度表现 上证综指行业月度表现 □ 中证指数有限公司、上海证券报联合推出 主要股票指数月度表现 交易日数：20 开盘 最高 最低 收盘 涨跌点数 涨跌幅 日均成交量 日均成交金额 (百万股) (亿元) 沪深300 4661.62 4836.95 4645.47 4706.34 76.40 1.65% 30059 7360 中证100 4526.86 4720.41 4526.86 4615.93 129.46 2.89% 14519 4136 中证800 5145.47 5427.40 5145.47 5338.51 229.33 4.49% 61134 13532 中证200 5682.69 6145.84 5682.69 6024.78 374.98 6.64% 17525 3873 中证500 7523.88 8671.35 7523.25 8370.52 904.95 12.12% 31075 6172 中证700 6517.40 7278.34 6517.40 7085.98 612.90 ...

在苏州工业园区博瑞医药生产基地内，高端检测仪器、自动化灌装设备等质控与生产设施已蓄势待发， 为BGM0504注射液等创新药产品的后续商业化筑牢根基。 自登陆科创板以来，博瑞医药以高端原料药及仿制药为起点，依托高端药物开发技术平台的核心构建， 实现跨越式发展。如今博瑞医药深耕代谢、呼吸系统等疾病领域，手握多款前沿研发管线，成功跻身创 新驱动型药企行列。 "内卷的领域不值得去做，只有大家都做不到的领域，才能体现企业价值。"博瑞医药董事长袁建栋在接 受《科创中国》栏目组采访时表示。基于此理念，公司始终选择做"难而正确"的事，从高端原料药、仿 制药逐渐转向原创新药，每一步都瞄准临床未被满足的需求。 随着BGM0504等创新药管线逐渐进入商业化倒计时，博瑞医药正以差异化创新，在全球代谢药竞争中 定位中国药企的新坐标。 从"高端原料药龙头"到"创新药新锐" 博瑞医药董事长 袁建栋 ◎记者 王墨璞嘉 全球减肥药竞争已迈入"2.0时代"，当多数企业扎堆传统GLP-1单靶点药物赛道时，博瑞医药另辟蹊径， 以"多靶点协同、给药方式革新、长效化管理"为核心战略，瞄准行业痛点与临床未被满足的需求，构建 起差异化的产品管线布局。 "当 ...

Group 1 - Major AI companies are engaging in a competitive "red envelope" marketing strategy, with Tencent investing 1 billion yuan, Baidu 500 million yuan, and Alibaba 3 billion yuan [2][3] - This competition is reminiscent of the early days of mobile payment wars, indicating a significant escalation in the battle for AI application dominance [3][4] - Tencent's strategy is seen as a critical move, especially after the appointment of a former OpenAI researcher, which has reportedly improved its AI model capabilities [4][5] Group 2 - Alibaba's investment in its Qianwen AI platform signifies a shift from being a support role to a central player in its ecosystem, indicating a strategic pivot [3][4] - The "red envelope" strategy is viewed as an effective market education tool and a pressure test for the nascent AI industry [5][6] - Despite the initial success in attracting users, the long-term challenge remains in retaining and engaging these users effectively [6]

Core Viewpoint - The company focuses on strategic acquisitions of smaller firms with core technologies, aiming to build "invisible champions" in niche markets for domestic substitution [2][4]. Group 1: Company Development and Strategy - The company, founded 30 years ago, has evolved from a refrigeration fan manufacturer to a technology group with three core industry segments: energy conservation and environmental protection, electronic new materials, and polymer composite materials [3][4]. - The acquisition strategy emphasizes quality over size, targeting smaller companies with potential for growth and technological advancement [4][5]. - The company has successfully integrated several acquisitions, enhancing its capabilities and market position in the new materials sector [4][6]. Group 2: Financial Performance and Projections - The company anticipates a net profit of 185 million to 235 million yuan by 2025, representing a year-on-year growth of 41.18% to 79.33% [5]. - The projected net profit after deducting non-recurring items is expected to be between 160 million and 210 million yuan, with a growth rate of 38.32% to 81.55% [5]. Group 3: Business Segments and Growth Potential - The electronic new materials and polymer composite materials segments are identified as key growth drivers, particularly in high-demand areas such as aerospace and new energy vehicles [6][7]. - The company’s PMI foam product is positioned as a critical material in commercial aerospace, with established partnerships and ongoing demand for lightweight solutions [7]. - The target for the electronic materials segment includes advancements in target materials for photovoltaic and semiconductor applications, with a focus on various product lines [8]. Group 4: Future Plans and Goals - The company aims to strengthen its core business and enhance competitiveness in the energy conservation sector while expanding its new materials segment [9][10]. - Future strategies include maintaining a focus on core industries, avoiding diversification outside primary business areas, and enhancing international market presence through strategic partnerships [9][10].

一、我国人工智能的现状和特点 人工智能（Artificial Intelligence, 即AI）是一门基于计算机科学、生物学、心理学、神经科学、数学、 哲学等学科的科学技术。其核心包括构建跟人类似甚至超越人的推理、知识、规划、学习、交流、感 知、移动和操作物体等能力，旨在实现类人智能。 □ 徐 明 □ 我国人工智能在算力、模型、场景应用等方面的发展情况已位居世界前列。目前，我国人工智能的发 展现状具有四个特点：一是政府引导，市场驱动；二是面广量大，生态协同；三是包容审慎，治理创 新；四是需求旺盛，前景广阔 □ 人工智能作为第四次工业革命的核心驱动力，是一次根本性创新和重大变革，其重大意义不言而喻。 但是，人工智能的发展并非一帆风顺，主要面临问题新、风险大、监管难三方面挑战 □ 在对策上，应采取综合手段，在法律、监管、标准、技术等方面统筹协调，全面监管。总体上要从三 方面加以应对：一是加强法律制度建设，重视"人工智能法"的制定，加快"人工智能法"的立法进程；二 是在法律上明确法律关系主体，确认民事责任归责原则；三是进一步加强和完善对人工智能的监管 近年来，人工智能深入发展。在给工作、生活带来极大便利的同时，人 ...

Group 1 - Meituan announced the acquisition of Dingdong Maicai's China business for approximately $717 million, which will make Dingdong a wholly-owned subsidiary of Meituan and integrate its financial performance into Meituan's financial statements [2][3] - This acquisition accelerates Meituan's strategy in the instant retail sector and indicates a potential concentration of competition towards leading platforms [2] - Dingdong Maicai, founded in 2017, focuses on the Jiangsu, Zhejiang, and Shanghai markets, utilizing a front warehouse model to deliver fresh produce within 29 minutes [3] Group 2 - Meituan already operates a similar instant retail platform, Xiaoxiang Supermarket, which aims to expand its coverage in major cities across China [4][5] - The acquisition is seen as a move to strengthen Xiaoxiang Supermarket's operations and increase market share in the Jiangsu, Zhejiang, and Shanghai regions [5] - Dingdong Maicai reported a revenue of 6.66 billion yuan and a GMV of 7.27 billion yuan for Q3 2025, with a net profit of 100 million yuan, indicating a net profit margin of 1.5% [3] Group 3 - The instant retail market is becoming increasingly competitive, with major players like Alibaba and JD.com also expanding their presence in this sector [6] - If the acquisition is successful, it may lead to a reshaping of the domestic instant retail landscape, consolidating resources between Xiaoxiang Supermarket and Dingdong Maicai [6][7] - Industry experts suggest that the future of the fresh retail sector will focus on private brand development, online-offline integration, and supply chain capabilities as key competitive factors [7]

Group 1 - The "AI Red Packet War" has begun among major internet companies in China, with a total amount exceeding 4.5 billion yuan allocated for red packets, reflecting the high enthusiasm and participation of Chinese society in the AI era [1] - By 2025, the penetration rate of generative AI software in China is expected to exceed 40%, with a user base reaching 602 million, representing a growth of 141.7% compared to the end of 2024 [1] - Historical instances of "Red Packet Wars" have led to the emergence of national-level applications and companies, such as Didi in the ride-hailing industry and the significant increase in mobile payment penetration due to WeChat and Alipay [2] Group 2 - The "Red Packet War" is not necessarily indicative of a prosperous era, as seen in the shared bike industry and the recent food delivery price wars, which have not met public expectations and led to negative outcomes for many companies [2] - The public's expectations for AI extend beyond red packets; businesses seek cost reduction and efficiency improvements, while citizens hope for AI to address real-life issues in areas like elderly care, education, and healthcare [3] - The sustainability of user retention and value creation will ultimately determine the success of tech companies, as subsidies will eventually decrease and user engagement will depend on the continuous value of products [3]